A mild fall proved too short as snow and a hard freeze crushed late-planted crops in the Northern Plains and Upper Midwest Friday, fueling a strong rally in CME corn futures along with soybean and wheat prices, reportsSuccessful Farming.
Traders estimated the early taste of winter will cut the nation’s soybean harvest by 30 to 40 million bushels and trim the expected corn crop by 100 million bushels to 200 million bushels, Don Roose of U.S. Commodities in West Des Moines, IA, toldSuccessful Farming.
Roose also said prices also rose due to optimism over U.S.-China trade talks and the possibility that Great Britain won’t crash out of the European Union through a hard Brexit.
